Industrial and logistics specialists from Birmingham property experts, JLL, have closed a second occupier transaction at a Redditch business park, attracting an expanding local freight forwarding business.
Avon Freight Group is taking the largest unit at Velocity 42 on Old Forge Drive, Redditch, creating a 93,720 sq ft state of the art storage and distribution facility to enable the company to grow in line with its customer’s needs.
This is the second occupier to Velocity 42, where brownfield regeneration specialists St Francis Group and the Richardson family have developed 330,000 sq ft of speculative space to attract new business to the area and assist local occupiers in their growth plans.
The first tenant was a local family-owned business, Heartbeat UK, who moved into their 45,462 sq ft unit in August. Avon Freight Group is expected to move in on November 1, with its current site in Hemming Road remaining as its headquarters.
Richard James-Moore, JLL’s industrial and logistics director, who advised on both transactions, was understandably delighted that the strategic rationale behind Velocity 42 had been justified.
“The park’s name came from its location between junction 2 and 3 of the M42, which is a long-established area for distribution and manufacturing companies, and St Francis Group were so confident of the pent-up demand that they decided to proceed in a single phase, and on a speculative basis,” he said.
“It has been particularly pleasing that the first two occupiers are exactly the kind of company for which the scheme was intended. Locally based, successful and ambitious, who are winning new clients, and need quality space in which to continue their growth.
“Heartbeat UK purchased their unit and Avon Freight have taken a 15-year lease, a clear indication of confidence in both their prospects, and the future of the park itself. We’re already in discussions with other potential occupiers for the remaining three units, and I’m optimistic that we’ll be able to announce a third occupier before the year-end.”
The remaining three units range from 55,000 sq ft to 85,000 sq ft.
JLL are joint agents for Velocity 42 with the Birmingham office of Savills.